Conveying Equipment Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2027
The global conveying equipment market size is expected to reach USD 76.8 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 2.9% over the forecast period. The growth of this market can be attributed to the rising demand for highly efficient material handling systems in food & beverage, automotive, and warehouse and distribution industries. Conveying equipment is used as a goods carrier application in numerous industries including food and beverage, mining, automotive, airports, and electronics, among others. Conveyors can be designed to handle material of any shape and size. The major benefit offered by conveying equipment comprises low cost, higher productivity, and increased operational efficiency. The demand for warehouses is rising owing to the significant growth of e-commerce, supermarkets, and online retailers, which, in turn, projected to have a positive impact on the market over the forecast period. Furthermore, the expansion of airports and the development of new airports especially in the Asia Pacific and North America projected to drive the market during the forecast period.